The future of the state pension triple lock under the Conservative Party is being called into question following recent comments made by Kemi Badenoch.
Ahead of this week's local elections, the Tory Party leader was asked to share what her stance is on the metric used to determine annual payment rate hikes.
This comes after Badenoch suggested that state pension payments should be means-tested to bring down Government spending back in January.
During an interview with GB News' Christopher Hope, the leader of the Conservative Party was asked about comments she made to LBC's Iain Dale which hinted reform to the triple lock could be on the horizon.
The Conservative Party leader has hinted at potential reform to the state pension in the future
GETTY / GB NEWS
She said: "The Conservative policy has always been to maintain the triple lock. It's our policy, but we're not in government now.
"And we need to make sure that while we have all the commitments to maintain the triple lock, that we also look at what is happening to the economy. So people don't need to worry. This is people, other people setting hares running, not me."
On whether the triple lock will be a policy feature in the next Conservative manifesto, Badenoch added: "We have always said that we are committed to the triple lock.
"At the next election, we're going to come out with all of the policies that we've worked out. Who knows? We might change everything.
"Make things better, you know, improve things. We don't know where that will be until our policy commission's report."
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Under the triple lock, state pension payment rates rise every year by either the rate of inflation, average earnings or inflation; whichever is highest.
This question side-stepping would representing significant change in Conservative Party policy, which has been in place since 2010.
Earlier this month, state pension payments rose by four per cent in line with average wages.
As such, the full new, state pension increased to £230.25 a week, representing an annual payment boost worth £472 a week.
In comparison, the basic state pension for those who reached retirement age before April 2026 now sites at £176.45 weekly.
Dean Butler, the managing director for Retail Direct at Standard Life, part of Phoenix Group, broke down why triple lock exits.
He explained: "The purpose of the triple lock is to ensure that the state pension doesn’t lose value over time.
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GETTY"It guarantees that, each year, the state pension will rise by the highest of three measures: inflation in the September of the previous year (as measured by Consumer Prices Index); the average increase in total wages across the UK for May to June of the previous year; or 2.5 per cent.
"Therefore, if UK wage growth stays around its current figure of 5.8 per cent between May and July, it will determine the state pension increase under this year’s triple lock."
On whether the retirement benefit is enough to fund someone's retirement, he added: "The reality is there’s a significant gap between what you get from the state pension and what you may actually need or want in retirement.
"The state pension only covers a very basic lifestyle – less than is needed for a minimum standard of living in retirement, according to the Pensions and Lifetime Savings Association - and, because it only starts in your late 60s, it won’t help to support you if you want to retire earlier."
